Leases

6 Months Ended

Jun. 30, 2024

(6) LEASES

The Company has leased premises that expire at various dates through February 28, 2031 subject to various operating leases. The Company has implemented ASC Topic 842 under a modified retrospective approach in which no adjustments have been made to the prior year balances.

The following table presents the operating lease costs and additional information for the three and six months ended June 30, 2024 and 2023.


	Three Months Ended June 30,						Six Months Ended June 30,
(Dollars in thousands)	2024			2023			2024			2023
Operating lease costs	$	607		$	597		$	1,210		$	1,195
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases		698			603			1,355			1,226
Right-of-use asset obtained in exchange for lease liability		(58	)		(56	)		(118	)		(111	)

The following table presents the breakout of the operating leases as of June 30, 2024 and December 31, 2023.


(Dollars in thousands)	June 30, 2024			December 31, 2023
Operating lease right-of-use assets	$	7,728		$	8,785
Other current liabilities		2,267			2,472
Operating lease liabilities		6,071			7,019
Total operating lease liabilities		8,338			9,491
Weighted average remaining lease term	4.5 years			4.9 years
Weighted average discount rate		5.56	%		5.47	%

At June 30, 2024, maturities of the lease liabilities were as follows:


(Dollars in thousands)
Remainder of 2024	$	1,268
2025		2,546
2026		2,567
2027		1,342
2028		573
Thereafter		1,139
Total lease payments		9,435
Less imputed interest		1,097
Total operating lease liabilities	$	8,338